What is the wage cap for FICA deductions?

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2006-12-27 06:22:04 · 3 answers · asked by jawfla 1 in Business & Finance ➔ Taxes ➔ United States

2006 it is 94,200
2007 it is 97,500

That is only for the 6.2% social security w/h.
the 1.45% medicare is always taken out with no limit.

2006-12-28 04:37:54 · answer #1 · answered by Dave 3 · 0⤊ 0⤋

For 2006 6.2% on the first $94,200 for Social Security &
1.45% on all wage, with no limit, for Medicare

2006-12-27 14:26:11 · answer #2 · answered by jim 6 · 2⤊ 0⤋

2006 = $94,200
2007 = $97,500

2006-12-27 14:25:03 · answer #3 · answered by Ubiquity 2 · 2⤊ 0⤋